APPLICATION OF INFORMATION AND COMMUNICATION TECHNOLOGY TO REAL ESTATE PRACTICE IN LAGOS STATE, NIGERIA

Abstract

Real estate is an intensive business that largely depends on information. Information technology has become a major form of communication in the real estate sector, a tool for marketing and information dispersion. As a result, diverse factors influence the use of information and communication technology (ICT). This study is aimed at investigating the extent and determinants of ICT adoption in a sample of real estate firms in Lagos, Nigeria with a view to providing information on how its effective deployment can be harnessed to improve the contemporary real estate practice. The study area was delineated according to a central business district locational pattern to ascertain where the firms of real estate were grouped. Structured questionnaires were conveniently administered to real estate firms and their clients within the study location. The collected data was then analysed using statistical tools that include factor analytical test, multiple regression analysis, one sample t-test, independent sample t-test and weighted mean score. Findings revealed that technological infrastructure, service delivery efficiency enhancement, and productivity branding influenced the application of ICTs in Lagos’ real estate market. It was recommended that practitioners and real estate firms need to adopt emerging concepts and technological advancement in their quest for survival both locally and internationally. This will enhance their competitiveness and ensure that better value is provided.